SIR Royalty Income Fund Up 4% As Janes Acquisition Corp. Details Offer to Purchase Units
11:56 AM EST, 02/05/2021 (MT Newswires) -- Janes Acquisition Corp. announced Friday an offer to purchase up to 825,000 trust units of SIR Royalty Income Fund (SRV-UN.TO) at a price of $4.25 per unit, payable in cash.
The offer, which is open for acceptance until 5pm ET on Feb 11, represents a 19.7% premium to the $3.55 per unit price put forward by the insider buyout proposal, Janes said. The offering is being controlled by Lembit James, the former CEO of Janes Family Foods, who already owns 808,100 or 9.65% of SIR's outstanding units.
SIR Royalty Income Fund's TSX-listed stock was up by $0.18 per share or 4.02% as of 11:30am ET to $4.60 in Friday trading, which was more than 8% higher than Janes' offer.
Price: 4.56, Change: +0.14, Percent Change: +3.17